SOURCE: Ascendant Copper Corporation

October 12, 2006 15:57 ET

Ascendant Copper Corporation Appoints PricewaterhouseCoopers LLP as Auditors

VANCOUVER, BC -- (MARKET WIRE) -- October 12, 2006 -- Ascendant Copper Corporation ("Ascendant" or the "Company") (TSX: ACX) (Berlin-Bremen stock: A0HMLE), announced today that the Company has appointed PricewaterhouseCoopers LLP, Chartered Accountants, as its auditors for the 2006 audit, effective October 11, 2006. Grant Thornton LLP, Chartered Accountants, the prior auditors, resigned August 2, 2006. The Company proposes to have its shareholders ratify and confirm the appointment of PricewaterhouseCoopers LLP, Chartered Accountants, as its auditors at the next annual meeting of the Company.

In accordance with the requirements of National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102"), following receipt of the resignation of Grant Thornton LLP, Chartered Accountants, the Company prepared and delivered a notice of change of auditors dated August 10, 2006 (the "Notice"). The Notice included the following statements:

There have been no reservations in the auditor's reports of Grant Thornton LLP for the last two fiscal years reported on by Grant Thornton LLP ending December 31, 2004 and December 31, 2005. In the opinion of the Company, there have been no "Reportable Events" as such term is defined in National Instrument 51-102 Continuous Disclosure Obligations.

Upon receipt of the acceptance by PricewaterhouseCoopers LLP, Chartered Accountants, and in accordance with the requirements of NI-51-102, the Company filed a second notice of change of auditors dated October 11, 2006 advising of the appointment of PricewaterhouseCoopers LLP, Chartered Accountants, as the Company's auditors.

In accordance with the requirements of National Instrument 51-102, the Company has received response letters from PricewaterhouseCoopers LLP, the successor auditor, and from Grant Thornton LLP, the former auditor, both confirming their agreement with the information provided in the both notices. The reporting package in connection with the change of auditors described herein, which has recently been completed, is currently available on www.sedar.com.

Ascendant's principal business is the exploration for copper in Ecuador. The Company has two primary properties including its Junin Project located in northern Ecuador, a copper-molybdenum, gold and silver porphyry property with an inferred mineral resource of 982 million tonnes grading 0.89% copper, 0.04% molybdenum and 1.9 grams per ton of silver, at a 0.4% copper cut-off grade(1). The Company has commenced drilling on its Chaucha property located in southern Ecuador, a copper-molybdenum porphyry containing an inferred resource of 216 million tonnes with 2.2 billion pounds of copper at 0.46% and 0.03% molybdenum at a 0.20% copper cut-off grade (2)(3). Ascendant recently purchased the Telimbela copper/molybdenum property in south/central Ecuador, which project is in the early stages of exploration.

"Gerald E. (Gary) Davis"
President and CEO
(1) See www.sedar.com "Technical Report Review of the Quartz Porphyry-Hosted Copper-Molybdenum Mineralisation at Junin, Otavalo, Ecuador" prepared by Qualified Person, Paul D. Gribble, C. Eng., Senior Mineral Resources Geologist, of Micon International Co Limited ("Micon").

(2) See www.sedar.com "Technical Report dated April 8, 2005, and amended August 5, 2005, Review of the Quartz Porphyry-Hosted Copper-Molybdenum Mineralisation at Chaucha, Cuenca, Ecuador" prepared by Qualified Persons, Paul D. Gribble, C. Eng., Senior Mineral Resources Geologist, and David T. Wells, Senior Metallurgist, of Micon. The Chaucha property is presently classified only as a geologic mineral property.

(3) Because of the uncertainty that may attach to these preliminary estimates, it cannot be assumed that all or any part of this reported mineralization will be upgraded to a mineral resource category as a result of continued exploration2.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this news release.

06-13

Contact Information

  • Company contact:

    Gary E. Davis
    President
    Ascendant Copper Corporation
    Tel: (303) 824-0271

    10920 West Alameda Avenue, Suite 201
    Lakewood, CO 80226
    Tel: (303) 824-0271
    Fax: (303) 297-0538
    www.ascendantcopper.com
    Email Contact